Question (13 marks): Petra Corporation, widely held, public company. Information about its shareholder's equity is as follows: Petra Co. Shareholders' equity December 31, 2019 Preferred shares, no par value, 8% cumulative, 1,000 issued and outstanding $100,000 Common shares, 100,000 authorized, 12,000 issued and outstanding Contributed Surplus-common shares Contributed Surplus-Preferred shares $180,000 $6,000 $50,000 $40,000 Retained earnings Instructions: 1-Prepare all journal entries for the following transaction (assuming all occurred during 2020): A) Jan 7, Issued 3,500 common shares at $19 per share for cash B) Feb 12, Issued 1,000 preferred shares 8% cumulative at $150 each C) May 8, bought and cancelled 1000 common shares at $25 per share D) June 6 Issued 1,500 common shares at $22 per share for cash E)June 20, bought and cancelled 2,000 common shares at $40 per share